MANILA – The local bourse shed on Monday on profit-taking, while the local currency closed weak at the start of the trading week.
The Philippine Stock Exchange index (PSEi) finished the trading down by 20.42 points to 6,609.22, with All Shares also closing lower by 3.01 points to 3,499.51.
Only Industrial and Property indices recorded growth in shares by 16.14 points and 5.06 points, respectively.
Those that closed in the negative territory, the biggest losses came from the Mining and Oil counter, shedding 40.44 points down to 9,736.97.
“Philippine shares succumbed to profit-taking at the end of session after trading in the green for most of the day. This week, investors await the inflation data as well as the big bank earnings this week,” Regina Capital Development Corp. head of sales Luis Limlingan said.
Market participation in the local stock market reached PHP3.53 billion.
Despite the decline in the local index, 99 firms recorded gains while 93 incurred losses, leaving 51 unchanged.
Meanwhile, the peso closed weaker by 0.12 at 55.69 against the US dollar, down from 55.57 in last week’s trading.
It already opened the day at the same level last Friday at 55.5 to the greenback.
The currency pair traded between 55.44 to 55.71, bringing the average level for the day at 55.55 to a dollar.
Volume of trade stood at USD1.54 billion, plunging from Friday’s volume of USD2.05 billion. (PNA)
